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Give Your Home an Instant Makeover With a Home Renovation Loan

Highlight – Want to give your home a makeover? A home renovation loan can help you create the home of your dreams.

Fluctuating needs and weathering drive you to revamp your houses periodically and you can apply for a home renovation loan to finance it conveniently. Remodelling your home not only adds to its aesthetics but also increases its value. However, renovation can come at quite a cost.

Whether you need to address regular wear and tear, immediate needs, or make your living space more comfortable, the cost can burn through your savings. Thankfully, with a loan for a home interior renovation, you can spruce up your home without worrying about the costs.

A home improvement loan ensures that your financial cash flow remains stable and strong during the entire project. But you must find the right loan for interior designing to get affordable financing and make the most of your borrowing experience.

With Fibe, you can get an instant personal loan and leverage the convenient and flexible loan terms to meet your financial needs for home renovation. Read on to know the benefits, eligibility, documents and more for a loan for home renovation.

What is an Instant Personal Loan?

You can get a collateral-free instant personal loan to meet all of your financial requirements for home renovation. Online home loan providers enable you to complete the entire home loan application process online.

You can check your loan eligibility online and obtain loan approval within a few minutes after document verification. Once you receive the approval and the disbursement is complete, the next steps are simple. Simply activate the e-mandate and set up the automatic EMI payments from your preferred bank account.

Home improvement loans and their types

A loan for a home interior renovation can also be a type of home loan, which allows you to get finances for various needs like home modification, renovation and refurbishment.

While a home loan enables you to buy a home, a personal loan for home renovation allows you to enhance the house you own. Home improvement loans are a low-cost, flexible and hassle-free way to make your home a comfortable living space.

There are two kinds of personal loans for home renovation – secured and unsecured loans.

Secured home renovation loans

This type of loan requires you to pledge your home as collateral. With this loan, you get a greater loan amount with a fixed interest rate and a longer payback period.

The interest on this type of loan is tax-deductible. It depends upon factors such as your age, property size, location and credit rating. The secured home renovation loan interest rates are generally lower than unsecured loans.

Unsecured home renovation loans

This kind of loan does not require any collateral, making the venture riskier for the lender. Unsecured home improvement loans are generally for smaller amounts, with a higher interest rate and a short repayment period. The unsecured home renovation loan interest rates are much higher, in comparison.

Benefits of getting home renovation loans

Home improvement loans have several advantages that make them a popular choice amongst homeowners. Here are some of the key benefits of home improvement loans.

Flexibility

You can utilise home improvement loans for several purposes, such as extensions, repairs, flooring, painting and so on. You can even use the amount for labour, material, or transportation costs. This is because lenders do not impose restrictions on the end-use of the loan amount.

Mostly, loan amounts get approved based on the value of the item used or the renovation proposal. Unlike restrictive loans, personal loans for home improvement offer flexibility on the amount required for purchase.

You can also opt to finance only a portion of the renovation through liquid funds and the remaining through such flexible offerings.

Eligibility

You can apply for a home renovation loan individually or jointly if many partners own the home. Most lenders have simple eligibility requirements, making it a more accessible solution. For instance, here are some standard eligibility requirements:

You must be an Indian citizen
You must be above 21 years and below 55 years of age
You must be a salaried individual with a minimum salary as per the lender

Flexibility in loan terms

The home improvement loan tenure can be up to 2 years with multiple repayment plans. Lenders give you flexibility to ensure that you can repay the loan comfortably and without straining your finances.

Tax benefit

A secured home renovation loan will allow you to leverage the tax benefits on the interest portion up to a predefined limit.

Streamlined process

Instant personal loans for home improvement have a smooth, hassle-free process for application and approval. However, you should do your due diligence before applying to increase your chances of eligibility and approval.

No middle men

One of the main advantages of instant personal home loans is online security and privacy. KYC validations and OTP checks ensure the safety and confidentiality of your personal information.

Instant approval

Online documentation, KYC and application reduce the time taken for the home renovation loan approval and disbursement. The lending process becomes simplified and lenders can quickly decide to approve or reject your loan application. As such, you get relatively quicker access to funds.

Good interest rate

Generally, lenders offer competitive interest rates with these loans, which lowers your cost of borrowing. However, the personal loan interest rate depends upon several factors. To get the best possible loan rates, you must maintain a good credit score and keep your debts within a manageable limit.

With a strong track record, you can easily avail yourself of flexible and reasonable home renovation loan interest rates.

No collateral needed

For secured loans, you will need to provide collateral. However, if you opt for an unsecured loan, you will not have to offer any such collateral and can safeguard your assets.

Minimal documentation

Lenders offer these loans with minimal documentation. This makes the process simpler and more convenient. While the requirements may vary depending on the lender you choose, here are some general documents required for a home improvement loan application.

PAN card
Duly filled application form
Passport-sized photographs
Bank statement of the last 3 months
Aadhaar card, driving licence, passport, voter ID

Conclusion

Turn your decoration and renovation ideas into reality, transform your interiors and give your home a complete makeover without worrying about financing. Get an instant cash loan from Fibe by downloading the Instant Loan App or visiting the official website and finance your dream home renovation project today!

FAQs on Home Renovation Loans

Can I get a loan for interior design?

Yes, you can get a loan for a home interior renovation from online platforms like Fibe. You can conveniently apply through the personal loan app or the official website.

Which loan is best for home renovation?

You can get a personal loan for home renovation from online platforms like Fibe. Not only is the loan affordable but it also has simple requirements and a quick application process.

Does the home loan cover the interior?

No, a home loan provides access to funds to buy a residential property or a constructed house. However, you can apply for a home renovation loan to cover the expenses of home interior upgrades.

Can we get a loan for the interior?

Yes, you can get a personal loan for interior decoration from online platforms like Fibe without any hassles.

5 Must-Have Handbags For Your Wardrobe

Highlight: Girls currently have purses, handbags, and clutches for almost every occasion in their closets. And it’s one of the trendiest things on notice, attaching a status and attitude to your personality.

Handbags are an essential part of modern women’s lives. Women find it difficult to travel without their handbags. Women’s handbags help transport daily necessities as well as for expressing one’s style. Bags are where women keep their various items such as their phones, keys, money, etc. Our handbag serves as both a valuable and symbolic fashion accessory, indicating to others which tribe we belong to. Handbags are a means of self-expression and a statement of personal style, as well as an entryway to luxury and splendor.

The phrase ‘handbag’ initially originated in the early 1900s, and it referred to men’s hand-carried travel bags in general. This sparked the development of new sorts of purses, which quickly became popular among women. Complicated fasteners, internal pockets, and locks were used on the bags. Handcrafted handbags have progressed from their humble beginnings into beautiful works of art. Today, animal hides, plant fibers, and synthetic materials are manufactured into almost any size, shape, color, or texture. Beads, stones, diamonds, and precious metals are used as design embellishments and opulent ornamentation. Girls currently have purses, handbags, and clutches for almost every occasion in their closets. And it’s one of the trendiest things on notice, attaching a status and attitude to your personality.

Also Read: Buy Now Pay Later| Upgrade Your Wardrobe According To The Trend With Fibe

Five must-have handbags

Tote Bag

Because of the numerous uses for tote bags, they have become a popular alternative to regular shopping/plastic bags. A reusable tote bag is no longer limited to supermarket shopping. They can now be employed in a variety of situations in your daily life. Today’s totes are fashionable, long-lasting, and easy to carry. Tote bags were trendy among cosmopolitan city dwellers in the 1980s. It all began when The Strand, a bookstore that has come to define the New York City experience of grit, innovation, and, of course, massiveness, released its tote design. Tote bags are more significant and untied at the top than most other handbags. Tote bags can be manufactured out of various fabrics and colors.

Hobo bag

Its popularity peaked in the early 2000s when celebrities wore it with anything from velour tracksuits to cocktail dresses. Most hobo bags are constructed of soft leather or another flexible material, giving them a slouchy appearance when worn on your shoulder. It’s a style that works for everyone, regardless of their lifestyle. A hobo bag will hold all you need and more, whether you’re commuting to work or vacationing overseas. These timeless and on-trend handbags are the ideal investment piece for the coming year.

Satchel Bag

The Cambridge Satchel Company, whose product was included in a Guardian gift guide in 2009 and defined as a cross-body bag in a 2010 article, is responsible for much of the satchel’s success as a fashion accessory in the United Kingdom, the United States, and Canada since 2008. A satchel is a strapped bag that was traditionally used to carry books. A satchel’s back extends to form a flap that folds over and fastens in the front to cover the top. A satchel, unlike a briefcase, has soft sides

Clutch Bag

Clutch bags will always be a significant point of attraction at dinner parties and work wonders in the daytime for a modern, minimalistic look. However, we’re seeing a gradual shift to softer silhouettes this year, and this trend will continue through 2021. In the twentieth century, flappers sought bags that didn’t detract from their sleek, coquettish costumes and popular clutches.

During World War II, when ordinary commodities were rationed, the clutch was at its most useful. Clutch bags provide a playful high-low edge to an ensemble by bridging the gap between formal and minimalism. For an unusual traditional touch, wear a clutch bag with straight-leg jeans and an oversized coat, or tuck a pouch-style clutch bag under your arm to pair with a maxi smock dress to double down on the easy-breezy vibes.

Canvas Bag

Canvas textiles have the advantage of being reusable, as opposed to single-use bags, and can hold around five times as much as typical plastic bags. They may also be cleaned if they’re dirty or patched if they’re ripped, and they’ll look brand new again. Canvas isn’t found in its natural state or as a raw material that can be used immediately. Canvas nowadays is commonly made of cotton or linen, but it was initially made of hemp. The texture and thickness of canvas differ from that of other materials. This is because it is created with a plain weave rather than a twill weave. Canvas bags have increased in popularity as environmentally friendly bags over the years. Canvas bags may and are reducing the usage of hazardous plastic bags in the market.

These were five must-have bags that every wardrobe should have. The idea of a purse serving as a sign of power and authority, or even as a weapon, is not new. Margaret Thatcher, the former British prime minister, was infamous for using her bag to reprimand Tory ministers and promote cabinet unity during her time in Downing Street. Every women’s wardrobe has at least three handbags, a medium-sized bag for short business excursions, travel to work or school, and a large bag for lengthy journeys or shopping.

Also Read: With Zero-cost EMIs, Shopping has never been easier!

Fancy all of these bags? Fibe is a platform on which you can borrow and repay on super attractive terms! It just takes 10 mins to apply. And you get instant cash transferred to your bank A/C when you want in minutes.

Learn more about credit, shopping loans, and your instant cash needs? We are here, ping us on:

Download the Fibe app here, or log in to our website and be a part of the #OneSmallStep experience

Employees Unhappy With Their Benefits Packages? Time To Modernize

Highlight: The global shift in working patterns has propelled organizations to rethink their employee benefits packages. As we approach 2022, businesses must revamp their policies according to the changing lifestyles of the workers.

Employee Benefits Packages are the additional perks given to employees, in addition to their salaries, by organizations to improve employee retention, engagement, productivity, and overall job satisfaction. A robust benefits program is crucial for the success of any organization as happy, and well-satisfied employees form the backbone of any thriving organization. To reiterate the same, a LinkedIn survey showed that 56% of companies faced less employee attrition if they concentrated on their employees’ needs and benefits.

The past two years haven’t been easy on employees. Apart from work, they’ve also had to take care of personal finances, their health, and their family’s health and well-being. On the flip side, the pandemic revealed that our healthcare infrastructure is broken, mental-health assistance is lacking, and many of us are trapped in demanding, inflexible, and burnout-inducing job cultures.

According to a Microsoft study released in September 2020, 30% of worldwide information and front-line professionals think the epidemic has exacerbated their sense of fatigue at work. Workers have participated in significantly more meetings and managed significantly more inbound chats, including twice as many after-hours communications during their work-from-home pandemic schedules.

Also Read: Here’s How To Get Started on a Financial Wellness Program

At such a time, employee benefits, particularly those oriented on care, flexibility, and mental health, can be life-changing for employees. Here’s a rundown on five possible ways in which organizations can modernize their benefits programs:

Flexible Benefits Programs

Flexibility in work schedules is going to be the guiding light for post-pandemic employee perks. Even as the epidemic fades, localized outbreaks that close schools or impose new restrictions on communities could pose issues. Employers who allow employees to work as per their time and place convenience are more likely to be seen positively by current and potential employees.

This flexibility includes offering a variety of benefits to satisfy the requirements of employees and adjusting those benefits when it calls for a change. Replacing an onsite gym with an annual stipend that employees may use to purchase in-home equipment, providing in-person or virtual classes, or creating a personal fitness app for all employees are examples of positive changes. These changes are crucial in increasing employee benefits in today’s virtual workspace.

Another example of benefits flexibility is allowing employees to work from home at their preferred working hours. Employers who use a hybrid or remote-first approach to work may also wish to consider providing compensation for home-office furniture and supplies.

Mental Well-being of employees

As employers examine post-pandemic employee benefits, mental and behavioral health care need to be prioritized. The immensity of the pandemic, with its attendant stress and isolation, has taken away the stigma connected with seeking mental health treatment, and people have become more eager to seek aid.

According to the World Health Organization (WHO), depression and anxiety cost the global economy $1 trillion in lost productivity each year. However, WHO also discovered that every dollar spent treating common mental health issues results in a $4 return in increased health and productivity. Measures such as:

Including mental health coverage as a part of a health care benefit plan,
Establishing a health-focused savings account to cover offset expenses, and
Having a network of psychiatrists or counselors can always ease the burden on the employees.

Companies are also starting to use EAPs or Employee Assistance Programs to support workplace mental health. Encouraging increased communication between employers and employees will also ensure the establishment of a safe working environment.

Virtual Health Care

In 2020, the Center for Disease Control and Prevention recorded a 50% rise in virtual visits. This can be undisputedly considered a direct consequence of the pandemic.

The pandemic provided an ideal ground for developing virtual solutions to aid employees’ physical and emotional well-being. Employees can now see a doctor with fewer hurdles using virtual care or help their families with rapid access to solving healthcare concerns, decreasing time away from work and stress around family health.

Investing in virtual care in the workplace also reduces absenteeism. It fosters a healthy, productive work environment. It is imperative to revamp the one-for-all healthcare to virtual care, which is easily accessible and usable.

Paid Time-offs

A Paid Time Off (PTO) policy establishes a pool of days that an employee may use as needed. Considering the strain on employees, companies should tweak their policies regarding PTO as they prepare for a post-pandemic environment.

Employees can rest, relax, and recharge during their paid time off. It’s a crucial part of employee happiness. However, due to work interruptions and the move to remote work, many employees have opted out of using earned PTO in the last year. As a result, many staff may be overworked.

Also Read: Financial Wellness: Why Should You Care About It?

Encouraging the staff to use the paid time off available will create a sense of trust and good faith among the workforce. After a year of remote work, the piling up of unused PTOs is inevitable. Gentle reminders and creative ways of implementing PTOs will lead to a thriving working experience. It will also increase the productivity of the workers. Allowing employees to know that corporate leadership supports their decision to use their PTO may encourage some hesitant employees to take advantage of this precious time off.

As firms continue to thrive with their extensive global networks and impressive technology, they must not forget the binding force of their companies – the employees. Employee benefits packages might be just another log in the account book on the company’s financial records, but the productivity and well-being of employees rely on it.

Fibe (Formerly EarlySalary) offers exclusive products that cater to the financial health of the employees, thereby ensuring their overall well-being. Visit the Fibe website to know more about its innovative line of credit options, salary cards, and an all-in-one suite to solve all your financial woes.

Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

The Importance of Using an EMI Calculator for Your Personal Loan

A personal loan is a credit instrument that is increasingly becoming popular as it is an unsecured loan. This means you don’t have to submit or pledge any assets as security to get a personal loan.

The best part is that you can use the borrowed funds without restrictions. Personal loan disbursement is also very quick and is usually done within one or two working days after approval. When you take a personal loan, lenders apply an interest rate on your personal loan amount.

You must pay the principal amount and the calculated interest during the repayment tenure. So, assessing your loan amount, tenure and interest rate is crucial before applying for the loan. These parameters decide your instant personal loan EMI you have to pay every month.

But how is EMI calculated for personal loans? Read on to learn about it and the benefits of using an EMI calculator.

How to Calculate EMI Manually?

To calculate your personal loan EMI manually, you need to use the following formula:

E = P x R x (1+r)^n/((1+r)^N – 1

In this formula,

P stands for the principal amount borrowed
‘R’ is the applicable interest rate
‘n’ is the total duration of your loan

If you decide to do the manual calculation, you will have to convert the values for ‘R’ and ‘n’. For ‘R’, you will need the monthly interest rate and ‘n’ will have to be the tenure in months.

Considering these requirements and the complexity of the formula, there is the risk of human error. This can impact the decisions you make regarding the loan. Moreover, these calculations are cumbersome to perform, which may deter you from adjusting the values for the variables.

Benefits of Using an EMI Calculator

Here are some advantages you enjoy when using an EMI calculator.

#1 Helps You Plan Your Budget

Once you have gathered all the information on the amount to be repaid every month, planning your expenditure and savings becomes much easier. You can also chart out all your pending or future loans using the instant cash loan EMI calculator. Accordingly, you can plan to prepay or even save a little extra for future expenses.

#2 Helps You Find the Best Tenure for Your Loan

EMI calculators allow you to choose the best-suited tenure for your loan. For instance, if you wish to save on interest, you will find that a shorter tenure works best. Alternatively, if you want affordable EMIs, a longer tenure is ideal.

#3 Helps You Maintain a Healthy Credit Score

Updated knowledge of your monthly outgo will always help you maintain a good credit score. If you know the EMIs payable before you borrow, you can plan to ensure that repayment goes smoothly. This is important as it is crucial as any delayed payment can hurt your credit score.

#4 Helps You Compare Interest Rates

The interest you must pay is the foremost point to check out when taking a personal loan. The interest rates vary from one lender to another. The calculator makes it significantly easier for you to compute and evaluate different rates and highlights monetary differences between two options.

#5 Helps You Check Your Loan Eligibility

The calculator helps you assess whether or not you are eligible for the loan based on the information you provide. All you have to do is enter the loan amount that you plan to borrow, the applicable tenure and the interest rate. Based on the EMI, you can know if the loan is one you can handle or not.

#6 Helps You Perform Complex Calculations with Ease

The EMI calculator is a free tool available on most lenders’ websites. You can access it anytime for free. For instance, you can use the Fibe EMI calculator to evaluate your loan terms and repayment capacity before applying for a loan.

So, worry no more by wondering, “How is EMI calculated for a personal loan?”. Availing a loan for all your expenses, be it shopping, travel, or education, is now convenient with Fibe.

With fast disbursal and affordable interest rates starting at 2% per month, you can easily get a loan for a maximum amount of up to ₹5 lakhs. To get started, download the Fibe Personal Loan App or register on our website.

FAQs on the Importance of an EMI Calculator

How is an EMI calculated for personal loans?

A personal loan EMI is calculated based on the:

Principal amount borrowed
Interest rate applicable
Loan tenure

How can I calculate EMI manually?

The EMI for personal loans is calculated using a mathematical formula:

E = P x R x (1+r)^n/((1+r)^N – 1. Here, ‘P’ is the Loan amount, ‘R’ is the interest rate and ‘n’ is the tenure.

Why should I use an EMI calculator for my personal loan?

Calculating your EMI manually is not only time-consuming but prone to errors. So, using a calculator lets you compute your monthly instalments instantly.

Here are a few key benefits of using this free digital tool:

Gives you an accurate amount instantly
It can be used multiple times
Available to use anytime and anywhere
Helps you select a suitable repayment tenure
Helps you plan your monthly budget beforehand
Helps you assess the repayment schedule
Helps you determine the best loan offer by comparing various lenders

How to Buy a Second-Hand Car with Finance

A brand-new car may feel exciting. But it isn’t always the most practical choice. Especially with prices going up. If you’re on a budget or want to make a smart money move, a second-hand car is a great option. Whether it’s your first car or an extra one for the family, a well-kept used car gives you good value. And it does that without burning a hole in your pocket.

And the good news? You don’t have to pay everything upfront. Today, you can easily buy second hand car with finance from banks, NBFCs or digital loan providers. You can even apply for used car online loans with minimal paperwork and quick approvals.

Let’s explore the best ways to finance your car, the options available and how to choose the right deal for you.

Why Choose a Used Car Loan?

Here’s why many people today are opting for a pre owned car loan:

Lower car prices mean lower loan amounts and manageable EMIs
Wider choice of models within your budget
No need to compromise on quality with certified used vehicles
You can get loan available for second hand car from trusted lenders online
Perfect for buyers who want to upgrade later or avoid rapid depreciation

Important Factors to Keep in Mind When Buying a Used Car

Before applying for used car online loans, make sure the car is worth the investment. Here’s what to look for:

Check the condition: Inspect the car thoroughly or take a mechanic with you
Verify documents: Look at the registration certificate (RC), insurance papers and service history
Do a test drive: Drive the car on different road types to check performance
Match engine and chassis numbers: They should match what’s on the papers
Transfer RC and insurance: This step is important post-purchase
Service the car: Before you start driving, get a full service done

Also, remember that lenders usually finance cars that are up to 10 years old, but they prefer vehicles under 3 years old. A newer car improves your chances of getting better used car financing options.

Best Ways to Finance a Used Car Loan

You can explore different used car financing options depending on your budget and the car model.

Personal loans: Quick, unsecured and with minimal paperwork. Good for small-to-mid ticket purchases.
Pre owned car loan: Offered by banks and NBFCs, usually with lower interest rates but more paperwork.
Dealer financing: Many used car dealers offer tie-ups with finance partners for instant approval.
Online loan platforms: Digital lenders offer used car online loans with instant approval, flexible tenures and doorstep documentation.

When comparing options, always check for processing fees, which usually range between 1-3% of the loan amount. These can impact your total cost.

Tips to Get the Best Used Car Loan Deal

Want to get the best deal on your used car loan? Here’s what can help:

Check your credit score: A higher score often means lower interest rates
Go for a newer model: Lenders prefer cars under 3 years old
Compare offers: Always shop around and consider different lenders before deciding
Get your car valued: Proper car valuation ensures you get a fair loan amount
Add loan insurance: Consider loan insurance for EMI protection in case of job loss or emergencies

Also Read: Short term loan vs long term loan

Important Aspects of Acquiring a Car Loan

Loan amount: Decide how much you need after accounting for your down payment
Tenure: Choose a term that gives you affordable EMIs
Interest rate: Compare rates from banks, NBFCs and digital lenders
Processing charges: Factor in one-time fees of 1%-3% of loan amount
Documents needed: Keep Aadhaar, PAN, salary slips and bank statements ready
Prepayment flexibility: Check if there are charges for early repayment
Eligibility: Age, income and job type can affect approval chances

If you’re looking to finance a second-hand car without the usual hassles, Fibe can make it easy. You can get a pre owned car loan of up to ₹5 lakhs with just basic documentation. Even if your credit score is low, our alternate credit model looks beyond it.
Enjoy quick approvals, fast disbursal and no extra charges for prepayment. Ready to get started? Just download the Fibe app or sign up on our website!

FAQs on the Best Way to Finance a Used Car

What is the smartest way to finance a used car?

The smartest way is to compare loan available for second hand car across banks, NBFCs and online platforms. Choose one that offers low interest, flexible EMIs and minimal charges. Going for a newer car also helps in getting better deals.

Can I get a 100% used car loan?

If you’re looking to buy second hand car with finance, most lenders cover 80-90% of the car’s value. But, 100% financing is possible in some cases, depending on the car’s age and your profile. However, you may still need to pay for insurance and registration separately.

How old can a car be to get financing for it?

Usually, lenders finance cars as old as 10 years, but not beyond that. So if you’re wondering, can we get loan for used cars, yes, you can. But most lenders prefer cars that are under 3 years old.

Employee Attrition In The Workplace? Tips To Control

Highlight: Employee attrition in companies arises from various factors. Although unavoidable, it can be controlled by employing some effective measures.

As per a survey, about one-third of the newly hired employees go on a job hunt after just six months of employment. Very few people stick with their first companies till the very end. While this seems to be quite simple, a lot of problems come with employee attrition.

Employee Attrition refers to the slow but intentional drop in staff numbers when employees retire or resign and are not replaced for a long time. Employee attrition can be of two types:

Voluntary Attrition: Voluntary attrition occurs when an employee chooses to quit the organisation. Employees may resign for official or personal reasons.

Involuntary Attrition: Involuntary attrition occurs when a corporation terminates employment from its end. This frequently occurs when firms cut roles to save money on staffing or because the position is no longer required. This is a frequent cost-cutting strategy used by businesses.

While voluntary attrition is better than involuntary attrition, it may still negatively influence surviving employees if their responsibilities increase. It can also hinder promotional chances and movement, resulting in a less happy workplace or even greater attrition than anticipated.

There can be several reasons for employee attrition. Some of them are:

Lack of growth in work culture
Lack of availability of skilled workers
Unsuitable work conditions
Morbidity/illness
Retirement of Employees
Relocation of the company
Effect of the pandemic

Also Read: Fix the Problem of Employee Burnout for your Remote Workers

How does Employee Attrition harm companies?

Employees that leave take along years of experience with them. The loss of experience puts strain on the team and, ultimately, the entire organization.

Companies have to incur additional costs like training programs for recruits.

The remaining employees face added burden on their existing work schedules to compensate for the gap left behind.

With additional pressure, the current employees may be inclined to leave and look for other firms.

Employee attrition causes stress and disorder, which in turn leads to consumer attrition. Unproductivity at work reduces the quality and quantity of service or product, which contributes to customer churn.

The Organization describes the phenomena of companies losing out on their customer base. With increased attrition in the workplace, many customers may choose to shift to other companies as the quality of work falls.

Scary, right?

Tips to Control Employee Attrition

To avoid such scenarios, the company should undertake preventive measures. Some of the things they can follow are:

Avoid Scrimping Whenever Possible

It is not easy for organizations to provide a generous salary to the employees every time. The company’s value might be affected negatively, or the financial department can take a direct hit. However, it is not advisable to go below the standard norms or the average compensation offered by competing organizations. The financial wellness of an employee is beneficial for both the firm and the worker. Learn about what your competitors are providing. If the variation is high, you might want to reconsider.

Hire the Right People

The first step in controlling employee attrition is to find the right candidate. While skill set and expertise are primary areas of evaluation, you should always check a person’s behavior and attitude. Be honest about your own company’s culture. It allows the candidate to determine whether or not your organization is a good fit for them.

If a candidate does not like the work atmosphere, they will be unhappy and will eventually depart. So, before hiring, make sure you have the ideal individual who is open and flexible and can fit in with the organization’s culture.

Create a Suitable Working Environment

What you provide as work benefits is very important to your employees. Top organizations provide their employees with great growth prospects, outstanding benefits for employees and their families, and enjoyable work environments.

When a company understands how to address their employees’ needs outside of the office, they profit more from their personnel. Providing flexibility in work and enhancing the workers’ work-life balance will improve the interrelationship of the employees considerably. They will start to enjoy work.

A Transparent Idea of Retirement

Employers should be aware of which staff are about to retire or resign. In reality, it is preferable to estimate the number of employees who will retire in a few years. This will allow the organization to plan and implement plans for the layoff of experienced staff.

Be careful! Inquire judiciously about your employee’s retirement plans. They may believe you are prejudiced against them because of their age.

Engage with your Employees

When you have talented personnel, you must discover ways to help them grow their skill set. Provide feedback and let them know what you think. Pay attention to what they’re saying and let them know you’re there for them. If you do not interact with them, they will become bored and complacent, believing that they are not progressing within the organization. Employee engagement is crucial for reducing attrition.

Be the boss who pushes people out of their comfort zones. Assist them in achieving their goals. Treat your employees well and keep acknowledging their hard work. You may have the most talented employees, yet they may not have the opportunity to advance professionally.

Conduct an Exit Interview

Exit interviews are the conversations succeeding resignation letters. They are conducted to determine why an employee is leaving the company. Whatever the reason, an exit interview can help you figure out how to solve the problem of high turnover or attrition rates.

This also provides you with ideas for how to improve your hiring process. Getting the correct fit for your organization is a terrific method to cut attrition and improve your company’s work atmosphere.

Employee attrition cannot be completely avoided. Sometimes things are simply beyond your control. However, understanding why and how attrition occurs and facing the challenge of overcoming attrition can assist reduce its impact on your firm.

A well-structured wellness program in place can highly impact the attrition rates. If employees are satisfied with their work environment and growth prospects, they wouldn’t feel the need to leave their jobs.

Also Read: Remote Work Can Boost Productivity And Curb Burnout. Here’s How

Fibe has collaborated with several organizations in their financial wellness programs and, with its commendable easy credit options, has helped thousands of employees stay ahead in the career game.

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.

Income vs Expenses: The Key to Employee Happiness

Highlight: Employee wellbeing is the direct consequence of a balance between sufficient income and affordable expenses.

We’ve often come across the saying, “Money can’t buy happiness.” Although true in certain aspects of life, access to material things can give a temporary rush of joy, if not a prolonged sense of fulfillment. With changing standards of living, the need to maintain a certain lifestyle has increased substantially. People love to spend money on their comfort and luxury. As such, the comforts and luxuries of yesterday have become today’s necessities.

A majority of the salaried class today owns a car, their children study in private schools, loves branded stuff such as watches, shoes, clothing, etc and plans to have vacations abroad. These upscaled changes in lifestyle preferences have also been fueled by the easy availability of credit cards, instant personal loans that could be customized to suit the borrower, and seamless virtual transactions across e-commerce platforms. Money might not be able to buy or sustain our happiness but spending it in the right way can surely earn memories, experiences, and satisfaction.

Also Read: Financial Wellness Isn’t Just A Buzzword Anymore. What Is It?

An increase in salary won’t hurt us but could be an extended means towards the happiness we deserve.

Increased income is a direct factor driving employee motivation. When employees have more income at their disposal, happiness is guaranteed.

People are often happier when they have sufficient funds to invest in themselves and in their loved ones. Financial stability reduces the overall stress and helps strengthen their social bonds organically.

Money can buy us more time to enjoy the things we love and to cherish more time with our loved ones. Having more time in hand automatically implies that we can afford to indulge in our hobbies or maybe just enjoy a relaxing trip on the weekend. Purchasing “experiences” such as leisure activities, counseling, or going on holidays has also been linked to greater enjoyment than purchasing tangible objects.

Experiences foster cherished memories and closer ties with family and friends, improving emotional well-being long after the experience has ended. It’s crucial to highlight that occasionally material objects are part of that “experience” investment; for example, buying art tools to start a new hobby necessitates a material purchase. However, the goal of this spending will be more rewarding than simply amassing more items.

The act of supporting a charity, feeding the needy, or supporting a strong social cause can increase the feeling of pride and satisfaction in oneself and create a stronger sense of purpose. Research has shown that any act of generosity has the potential of stimulating brain regions linked with social bonding and pleasure. With increased feelings of happiness and acts of spreading joy, cases of morbidity and death also reduce.

How can HR ensure the happiness of Employees?

In the world we live in today, the cut-throat competition, the compulsion to maintain a certain lifestyle and have a particular social standing urges employees to move towards jobs offering better financial prospects both in terms of compensation and wellness programs. This fact further reiterates the sentiment that financial happiness induces personal happiness.

A financially sound employee is a happy and productive employee

Employees’ mental and emotional well-being increases when they feel good about their financial decisions and are comfortable with their financial circumstances. Individuals addicted to shopping or reliant on material objects to lift their spirits may experience stress and feelings of inadequacy if they are not earning their potential salaries as per their expectations. For that, Companies can assist employees in improving their relationships with their finances by offering guidance on suitable spending patterns.

Financial wellbeing results in the emotional well-being of the employee

Financial health in a holistic wellness program is more than just retirement gains or a steady income; it must also address the employees’ connection with money, budget management, and everyday spending patterns that affect their entire lifestyle, physically and emotionally.

Financial wellness programs have always been a good idea to recenter the idea of productivity around employee happiness. A report by the Consumer Financial Protection Bureau states how wellness programs have always helped in enhancing the working environment and have resulted in happier employees. These employee wellness programs encompass the mental health and wellbeing of employees as well. Wellness programs which include educating the workforce in budgeting and saving goes a long way in reducing their stress levels. Introducing wellness schemes such as healthcare also boosts company morale.

Financial wellness and Stability are prime motivators for efficient employees. While hard skills are important for a company’s growth, mental health and overall wellbeing must also be given attention to ensure a fruitful working environment.

Also Read: As an Employee, Why Should You Care About Financial Wellness Benefits?

The goal of Fibe’s corporate employee benefits programme is simple: we want to change the way salaried professionals get credit by introducing the concept of an instant digital salary advance. Our corporate partnerships for employee wellness initiatives are among the most appealing on the market. To solve your money problems, visit Fibe today!

Download the Fibe app here, or log in to our website and be a part of the #OneSmallStep experience.

Boost Your Income With 3 Best Investment Plans

Highlight: MFs, PPFs, and fixed deposits are investment options that are good for long-term financial goals, short-term goals, and tax savings.

There are a few aspects that go into investment planning that determine how much money you may make, how safe your investments will be, and what rewards you will receive. To begin, think about your investment horizon and goals, which will aid you in selecting the finest investment options.

There are investment options that are good for long-term financial goals, others that are good for short-term goals, and some that help you save money on taxes. However, you must decide which investment product you will use and how you will go with it. Financial and non-financial investments are both possible.

Bank deposits, mutual funds, Fixed Deposits, and other financial investments are examples of financial investments, while gold, real estate, and other non-financial assets are examples of non-financial investments. Before deciding on any investment options, it is recommended that you carefully review all the available financial vehicles and then make the best decision possible.

Also Read: Investment‌ ‌Advice‌ ‌for‌ ‌ Millennials:‌ ‌The‌ ‌Whats,‌ ‌ The‌ ‌Whys‌ ‌, And‌ ‌The‌ ‌Hows‌

1. Mutual fund

When it comes to Mutual Funds, investors frequently find themselves in a quandary. Of course, because they are market-linked, they are riskier, but better returns cannot be underestimated. If you wish to participate in the markets but lack the necessary skills and ability, Mutual Funds offer better returns than many other investing possibilities.

These are market-related investments in which money is invested in a variety of financial instruments such as debt, equity, stocks, money market funds, and so on, with returns determined by the fund’s market performance.

Mutual funds are divided into three categories: equity funds, debt funds, and hybrid funds, each of which invests in a distinct asset class.

What is Equity Mutual Funds and How Do They Work?

Equities funds are market-linked instruments that invest 65 percent of their assets in equity and offer a higher return on investment by investing in shares of firms with various market capitalizations. Because equities funds offer bigger rewards, the risk associated is also higher.

Who should consider investing in equity funds:

Investors with a high-risk tolerance

Individuals seeking Long-Term Investment Opportunities

Investors looking for tax breaks can invest in Equity Linked Saving Schemes.

Also Read: Ready To Make An Investment? Things To Keep In Mind

What are Debt Mutual Funds?

Government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments are examples of debt mutual funds that invest in fixed-interest assets. These products are appropriate for investors with a modest risk appetite since they provide a consistent return.

Who should invest in Debt Funds:

Risk averse investors
Individuals with investment plans of 3 to 4 years
Investors looking for highly liquid investments.

What exactly are Hybrid Mutual Funds?

Hybrid funds are mutual funds that invest in more than one type of investment security, such as stocks and bonds. As a result, these funds are ideal for beginning investors or as core holdings in a portfolio for diversification. The asset allocation of hybrid funds can either remain constant or fluctuate over time.

Who should buy Hybrid Funds:

Conservative investors looking for low-risk investment opportunities

Novice investors seeking significant equity exposure in their overall portfolio while avoiding high risk

Investors who have a long investment horizon.

2. The Public Provident Fund (PPF)

The Public Provident Fund (PPF) is a government-backed investment plan that allows its members to make risk-free long-term investments. Every quarter, the interest rate on a PPF account is updated and paid by the government. The current rate of interest is 7.9%. PPF investments have a 15-year maturity period. However, after 6 years, you can only withdraw a portion of the money in your PPF account. On the other hand, a loan can be taken out against the balance of a PPF account.

The principal amount, as well as the interest earned, are entirely secure because this program is governed by the government.

PPF also falls under the EEE category (Exempt-Exempt-Exempt), which means that the principal, interest generated, and maturity amount is all tax-free. PPF contributions (up to Rs 1.5 lakh per year) are tax-deductible under section 80C of the Income Tax Act.

Who should put money into the Public Provident Fund?

PPF account investments are locked in for a period of 15 years, making it ideal for individuals looking for long-term investment opportunities.

Investors who want to take advantage of a tax break.

3. Bank Fixed Deposits

Fixed Deposits are one of the most popular investment alternatives accessible, following the classic investing methods. These are deposits made with banks that guarantee a set rate of return over a set length of time. According to bank restrictions and the FD tenure chosen by the investor, which might range from 7 days to 10 years. Individuals can, however, select from a variety of tax-saving fixed deposits with terms ranging from 5 to 10 years.

The investor has the choice of placing a cumulative deposit or a non-cumulative deposit when investing in fixed deposits. The interest on the cumulative option is reinvested in the principal amount and paid at maturity, whereas the interest on the non-cumulative option is paid to the investor according to the underwriting.

Fixed Deposits are appropriate for the following individuals:

Investors seeking a certain rate of return
Investors who are risk-averse or have a low-risk appetite should be cautious.
Investors looking for long-term investment alternatives

Don’t forget to consider the risk and the potential return of the investment strategy you’re considering!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Top 10 Places in India for Solo Travel In-Budget

Highlight: The ten destinations we will talk about in this article aren’t just beautiful but budget-friendly. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets.

“Investment in travel is an investment in yourself.” No truer words have ever been spoken. All of us have been on trips with our friends and families. But how many of us have ventured solo to exciting destinations?

Traveling alone is an enriching and enlightening experience in itself. You meet new people, make your own decisions, and the best part; not having to squabble about what to eat for dinner! While some are first-timers, most solo travelers usually love to visit new offbeat places to spend quality time with themselves. Sounds like a vision, isn’t it?

Solo travel is slowly becoming a trend among the youth in India. Popular as ‘singles vacations’ or ‘holiday for singles’, these solo trips have become a self-discovering experience for the young-salaried class that doesn’t shy away from living their extra life on EMIs. Many online credit options, such as personal loans and salary advances, come to the rescue when you plan such trips impromptu or are short on cash.

Also Read: Fulfill Your “Travel Abroad” Dream With EarlySalary On MakeMyTrip

Vacations and traveling require some planning and finance to begin with and often fall heavy on your pockets. But the ten destinations we will talk about in this article aren’t just beautiful but budget-friendly too. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets.

#1 Daman and Diu

Are you tired of those canceled Goa plans? Don’t wait anymore. Walk on the golden beaches and enjoy the tranquility Daman and Diu has to offer Its lush palm trees, and colonial monuments won’t fail to calm your senses. Activities such as water sports and horseback riding are also available for adventure lovers.

Best Time to Visit: October to March

#2 Pushkar

Located in the Ajmer district of Rajasthan, Pushkar is a small city famous for its annual camel fair where cattle, horses, and camels are traded. Take back the essence of the famed Pushkar rose with you from “the rose garden of Rajasthan.”

It is rich in mythological history and has a legacy of ageless architectural heritage. You can also visit Jagatpita Brahma Mandir, one of the prominent Lord Brahma temples.

Best Time to Visit: October to March

#3 Kodaikanal

Kodaikanal, a hill station in Tamil Nadu, is set amidst granite cliffs, forested valleys, lakes, waterfalls, and grassy hills. It is a scenic and calm place that all mountain lovers would love to visit.

In Tamil, Kodaikanal means” gift of the forest.” The unsurpassed beauty of the Princess of the Hills indeed feels like a prize in the eyes of the beholder. Row a boat, hike, or cycle around the 5K Lake Road path; the choice is up to you while traveling solo *wink*!

Best Time to Visit: April to June

#4 Gokarna

Gokarna is located on the shores of the Arabian Sea in the state of Karnataka. Home to the popular sacred locations such as Mahabaleshwar Temple, this small town attracts several Hindu pilgrims. Take a bathe in Koti Teertha, a temple tank reserved for devotees, or roam around palm-lined Gokarna, Kudle, and Om beaches. You can also go flea shopping to splurge without emptying your pockets!

Best Time to Visit: October to March

#5 Itanagar

Set in the Himalayan foothills, Itanagar is known for its scenic beauty, Buddhist culture, distinct heritage, and delectable Arunachalese cuisine. The wilderness of Arunachal Pradesh is home to a diverse range of flora and animals, including more than 500kinds of orchid and the state bird, the magnificent Great Indian Hornbill.

If you’re visiting Itanagar between September and December, you might want to include the Ziro Festival of Music, a well-known annual cultural spectacle.

Best Time to Visit: October to April

#6 Hampi

The historical town of Hampi, once the capital of the powerful Vijayanagara Dynasty, is now a UNESCO World Heritage Site. The ruins of Hampi date back to 1500 AD. Virupaksha Temple, Vithala Temple, Nandi Statue, and Lotus Mahal are among the must-see attractions.

Take a stroll through the temple village or hop on a bike and ride through the magnificent structures to learn more about the ruins.

Best Time to Visit: October to February

#7 Alleppey

Venice in Italy? No. Venice in India? Yes!

“Venice of the East” or Alleppey is located in the center of Kerala’s huge network of waterways. Stay amidst the legendary Kerala backwaters in their grandeur in overnight houseboat trips.

Take a day off and float through the gorgeous backwaters, occasionally stopping at a small village along the way for a glass of toddy before continuing your journey forward through the vast networks of canals.

Best Time to Visit: September to March

#8 Varanasi

Varanasi, Benaras, or just Kashi—this ultimate Hindu pilgrimage destination is known by many names to us. Pilgrims flock to Varanasi, one of Hinduism’s holiest towns, to wash away their sins in the Ganges, pay obeisance to God on one of the city’s numerous ghats, immerse ashes in the Ganges, or die here, hoping to achieve Nirvana—liberation from the cycle of rebirth.

Whether you’re a religious pilgrim or not, Varanasi offers a look into a world that has been stuck in time.

Best Time to Visit: November to February

#9 Kurseong

Kurseong is a small hill town located in the Darjeeling district of West Bengal. It is also known as the Land of White Orchids. The area becomes foggy and rainy during the monsoons, making it a great destination for vacationers seeking a romantic environment.

Take a stroll around the tea plantations or visit old churches and buildings from the British era. On most days, the sky is a rainbow of colors, reminiscent of a painter’s pallet.

Best Time to Visit: March to June

#10 Aru Valley

Aru valley is a tourist spot located 12 kilometers from Pahalgam, Kashmir. Being less crowded, it is a perfect place for people who love to be surrounded by magnificent meadows, breathtaking lakes, and mountains. A variety of outdoor activities are also available, including skiing and helicopter skiing.

You can also enjoy horseback riding or fishing in the Aru River or spend a relaxing day in the magnificent hills sightseeing, taking photos, and perhaps having a modest picnic while admiring the scenery.

Best time to visit: July to September

A look at these serene destinations can make the heart of any solo traveler beat faster with excitement. Don’t let finance be a constraint in your travel plans. Apply for an Instant Loan with Fibe or grab an Fibe card to sort all your travel worries.

What are you waiting for? Plan your solo trip to these breathtaking destinations and find yourself again!

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience

How Debt To Income Ratio Is Related To Your Personal Loan?

Highlight: With the growing popularity of personal loans, it’s essential to know how your debt–to–income ratio affects your personal loans.

The debt-to-income ratio is a crucial factor that financial lenders check while assessing your loan applications. This ratio, also known as the DTI ratio, helps financial institutions assess your repayment ability. Lenders check this ratio when you apply for a personal loan because evaluating your repayment capacity is crucial in ensuring that they can get the funds back.

Read on to learn how your DTI ratio affects your personal loan application and more.

Also Read: 6 Expenses You Can Easily Finance with an *Instant Personal Loan*

Personal Loans and Their Benefits

Before diving into the impact of the debt-to-income ratio on your personal loan application, here is a look into personal loans and their benefits. These are unsecured loans, which means you do not pledge any collateral to get the funding. Here are some other benefits:

Unlike home or gold loans, personal loans generally have an easy application form. They only require you to furnish a few documents and thus have a rapid approval process.
Many financial institutions provide personal loans online and have a quick disbursal process. You can expect to receive the loan amount in your bank account within a few hours if not minutes.
Another benefit of personal loans is that they come with a flexible repayment period, which you can choose as per your financial capacity.

Also Read: How to get an Instant Loan without documents

What is the Debt-to-Income Ratio?

This is a monetary figure calculated as a ratio of your monthly earnings to your monthly debt payments. Remember that this ratio depends on your monthly gross income, which is the amount of your salary before tax and other deductions.

The part of your debt-to-income ratio is debt, which includes the following types of repayments:

Monthly credit card payments
Housing bills
Property taxes
Homeowner association fees
Investment loans
Car loans
Insurance

However, exclude these expenses while calculating the personal loan debt-to-income ratio:

Utility bills
Subscription services
Mobile phone contracts

How is DTI Calculated and What is the Ideal DTI?

If you are wondering, “How to calculate debt-to-income ratio for personal loan,” the answer is simple, and it does not require any complicated mathematical formulas. To calculate, divide your total monthly outgo for debt repayment by your gross monthly income. After that, multiply the final figure by 100 to get the ratio.

To understand this better, consider this example: Suppose your gross monthly income is ₹55,000, and your monthly debt repayment amounts to ₹20,000. Then, your DTI ratio calculation will be: (20,000/55,000), which will give you 0.363636 and multiplying this by 100 gives you a ratio of 36.36%.

If you want to qualify for a mortgage, your ratio of debt to income must be less than 43%. The lower your DTI, the more likely the lender will accept your loan application. A low ratio indicates that you have enough income to pay off your present and future debts. This makes you a low-risk borrower, making you eligible for better loan deals. Remember, there are also two different sorts of debt-to-income ratios:

Front End DTI

Also referred to as the household ratio, it deducts the amount that goes toward your home costs, including property taxes, mortgage costs, or insurance.

Back End DTI

This ratio covers your other monthly bills, such as credit card payments and personal, vehicle, and student loans.

While most independent mortgage lenders prefer the back-end ratio, some lenders may also consider both ratios. However, it differs from one lender to the next.

How Does DTI Affect Personal Loans?

When you apply for a loan, several factors influence your approval chances. One of these crucial factors is the debt-to-income ratio. In fact, your DTI ratio is an essential factor, just like your credit score for several lenders and financial organisations.

They use the debt-to-income ratio to assess your creditworthiness and repayment capacity. It informs them of the percentage of your current income you use to settle existing debt and whether you are a credit risk. If you have a high ratio, it indicates that you have a higher risk of non-repayment or that you are in a debt trap. Naturally, lenders do not prefer giving a loan to someone in a debt trap or someone who has a risk of non-repayment.

Tips to Improve Your DTI

You should track your debt-to-income ratio at all times for your benefit. Tracking your finances is an essential aspect of smart planning. When your salary is reduced or you’re thinking about taking out a new loan, it’s a good idea to re-evaluate your DTI and your financial situation.

If you realise that your ratio of debt to income is too high, there are certain steps you may take to reduce it. You can do the following:

If a loan isn’t necessary, pay it off as soon as possible
Increase your EMI and clear the loan sooner — this will temporarily increase your ratio of debt to income but will reduce it over time
Don’t take on any more debt until your debt-to-income ratio is below 43%
You may also want to restructure your personal loans for ease and maybe take a debt consolidation loan

Another way to manage your DTI ratio efficiently is to choose low-cost loans. These loans help keep your borrowing costs low and EMI manageable. One such financial institution you can rely on is Fibe. You can apply for an Instant Personal Loan ranging up to ₹5 lacs without any hassle.

Download the Personal Loan App, or simply log in to our website for easy, quick, and affordable access to funds.

FAQs on How Debt-to-Income Ratio Influences Personal Loans

Can I get a personal loan with a high debt-to-income ratio?

While some lenders offer loans to individuals with a high DTI ratio, they usually charge high interest rates. Hence, the cost of borrowing will be higher. So, keeping your ratio at an acceptable level is always ideal.

What is a good debt-to-income ratio?

While some lenders consider 43% as good ratio for debt to income, others prefer it to be below 36%.

Is a 50% debt-to-income ratio good?

No, lenders generally consider a ratio of 43% or below as good.